Harmonized code or HS Code a great inevitable aspect in the import export make trades. It is a unique numerical code sent to various products and commodities Documents required for IEC Code Registration India while shipping from nation to another. It is used to describe particular goods your past import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import procedure. It is an eight digit code which includes been developed at par with the international coding system to suit the requirements of the international trading community belonging to the country. The code is basically, a fashionable ID assigned the particular trading product, which is through more than 200 countries across society.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes regarding existing harmonized code list of reasons. The authority carries out periodical pursuits like commodity description, weeding out of defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, which is a bunch of such codes classified under 21 sectors. The 21 sections include Animals & Animal Products; Vegetable Products; Animal or Vegetable Fats; Prepared Foodstuffs; Mineral Products; Chemical Products; Plastics & Rubber; Hides & Skins; Wood & Wood Products; Wood Pulp Products; Textiles & Textile Articles; Footwear, Headgear; Articles Of Stone, Plaster, Cement, Asbestos; Pearls, Precious Or Semi-Precious Stones, Metals; Base Metals & Articles Thereof; Machinery & Mechanical Appliances; Transportation Equipment; Instruments – Measuring, Musical; Arms & Ammunition; Miscellaneous; and Works Of Art. Every these 21 sections is further split up into 98 sections. The chapters are further split into sub-headings this agreement particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to bring up the particular code number of his product in all of the forms and also important paperwork that needs to filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are performed in experience with the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, always be have been very troublesome for participants to search for a particular segment of products. The list presents the sum of the product coding with variety of categories, simplifying the task of importers and exporters. You can potentially access this code list over the web with the online data companies like Infodrive Sweden. Besides providing a comprehensive HS tariff list, the corporation has also provided an interior search box for searching the codes of particular goods because of entering the product’s companies.